Transcript for Speaker Boehner: Where Are the President's Spending Cuts?

Last week give Republicans made a serious. Offer to avert the fiscal cliff. And most of -- was based on testimony. Given last year by president Clinton's former chief of staff -- stumbles. And -- the troubles. Himself said on Sunday. We have to cut spending. While he's right Washington after spending problem. Let's be honest we're broke. The plan -- be able operatives consistent with the president's. Call for a balanced approach. -- -- -- the -- and I met on Sunday. A nice meeting scorching. -- we're still waiting for the White House to identify what spending cuts the president is willing to make as part. Of the balanced approach that he promised the American people. -- where aren't the president spending cuts. The longer the White House -- walks this process the closer. Our economy gets to the fiscal Clough. But here's what we do -- We know that the president wants more stimulus spending and an increase in the debt limit without any cuts or reports. That's topics in our problem frankly it's made -- -- worse. While top about when the president wants to raise tax rates on many small business owners. Not even if we did exactly what the president. Wants. We would see Redick -- -- -- is the occupancy. -- nonfiction or problem either making it worse and it's -- in our economy. I think the members though while I'm an optimist. I'm hopeful that we can reach an agreement. This is a serious issue and there's a lot of state. -- the American people sent us here to work together. Towards the best possible solution and that means cutting spending. Now the president that doesn't agree with our approach. He's got an obligation to -- forward a plan that can pass both chambers of the congress. Because right now the American people have to be scratching. Their heads and wondering whether -- the president immediate serious.

This transcript has been automatically generated and may not be 100% accurate.

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